EUR/SEK Up 170 Pips On Hourly Chart, Moves Up For the 3rd Consecutive Day; in a Downtrend Over Past 30 Days

Hourly Update

(Last Updated November 17, 2022 1:43 GMT)

At the moment, EURSEK’s rate is up 170 pips (0.16%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

EURSEK End of Day Recap

Updated 00:30 GMT (04:30 EST)

EURSEK is up 434 pips (0.4%) since the day prior (opening today near 10.89939), marking the 3rd consecutive day it has gone up. Out of the 39 instruments in the Forex asset class, EURSEK ended up ranking 14th for the day in terms of price change. Let’s take a look at price chart of EURSEK.

EURSEK

EURSEK Technical Analysis

Notably, EURSEK crossed above its 20 and 50 day moving averages yesterday. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. Interestingly, a trend in the other direction exists on the 30 day timeframe, where price is headed down. For additional context, note that price has gone up 7 out of the past 14 days.